【Financial News Broadcast】Huagong Technology Clinches A-Share Trading Volume Champion for the First Time! Over 1.39 Billion Yuan, This Company Signs Major Overseas Deal

Macroeconomic Trends

The National Industrial Information Security Development Research Center has issued a risk warning bulletin regarding OpenClaw applications in the industrial sector.

On March 12, the center released a warning stating that OpenClaw is currently accelerating its deployment across various industrial processes such as design, manufacturing, and operations management. However, due to features like blurred trust boundaries, multi-channel unified access, flexible invocation of large models, and dual-mode persistent memory, without effective permission control strategies or security audit mechanisms, it could be maliciously hijacked through command induction or supply chain poisoning, leading to control system failures and sensitive information leaks. Specific risks include overreach by industrial hosts and production control failures; leakage of industrial sensitive information; expansion of attack surfaces and amplification of attack effects on industrial enterprises. Therefore, it is recommended that industrial companies follow relevant guidelines such as the “Industrial Control System Network Security Protection Guide” and the “Industrial Internet Security Classification and Grading Management Measures,” and refer to the “Six Do’s and Six Don’ts” advice published on the Ministry of Industry and Information Technology’s cybersecurity threat and vulnerability sharing platform (NVDB). Security measures should be reinforced during the deployment and application of OpenClaw, including strengthening access control management, enhancing network boundary isolation, and promptly applying security patches.

Multiple New Space Products Debut at the 2026 Shanghai Commercial Space Conference

According to CCTV News, from March 12 to 14, the 2026 Shanghai Commercial Space Conference and Exhibition was held at the Shanghai Pudong International Expo Center, showcasing several new space products developed by the Shanghai Academy of Space Technology of China Aerospace Science and Technology Corporation. One of the “star products” was the winding-type flexible solar wing. Solar wings are core energy supply components for satellites in orbit, often called the “energy heart” of satellites, with performance directly affecting satellite lifespan and efficiency. The winding-type flexible solar wing, as a new generation of lightweight, high-storage, high-efficiency space energy systems, is breaking industry bottlenecks through innovative design, providing a new solution for satellite energy supply.

Minister of Justice He Rong: Accelerate Legislation in AI and Other Fields This Year

According to Xinhua News Agency, Minister of Justice He Rong stated on March 12 at the third “Minister’s Channel” of the Fourth Session of the 14th National People’s Congress that artificial intelligence is a “high-frequency word” at this year’s two sessions. Legislation in AI and low-altitude economy will be accelerated, including revisions to the Road Traffic Safety Law and the formulation of airspace management regulations.

Experts Discuss Directions for Public Housing Fund Reform, Suggesting Focus on Second-Hand Housing

According to China News Agency, recent policies on housing provident fund systems have been issued in multiple cities. Song Hongwei, Co-Director of the China Real Estate Research Institute, said that the role of the housing provident fund is increasingly prominent in reducing homebuyers’ costs. With significant changes in the housing development stage, demand is shifting toward the second-hand market, and renovation of old communities will become a focus. As part of the housing security system, future support for existing housing should be increased. Regarding reform, Song Hongwei suggests several approaches: first, increasing loan limits; second, the rising demand for replacement-type loans, exemplified by Shanghai’s “no house, no loan” policy, which offers a good reference for other cities; third, support should expand to the second-hand housing sector to adapt to rising transaction ratios; fourth, further optimize the housing provident fund loan interest rates to maintain advantages in second homes; and finally, housing renewal and renovation will also require support from the provident fund policies.

Japan Gasoline Prices Surge

According to Xinhua News Agency, due to disruptions in the Strait of Hormuz, Japan’s reliance on Middle Eastern oil imports has led to a recent surge in gasoline prices. On March 11, reporters at a Tokyo gas station observed retail prices rising from over 150 yen per liter (roughly $1.00, with 159 yen per dollar) a week earlier to over 190 yen per liter. Kyodo News reported on March 11, citing the Japan Petroleum Intelligence Center, that domestic oil wholesalers plan to raise wholesale gasoline prices by about 25 yen per liter starting March 12, allowing stations to decide their own pricing adjustments. This will be the largest increase since comparable data from 1990.

Financial Institutions

Agricultural Bank of China: As of the end of February 2026, private enterprise loans totaled 7.92 trillion yuan

On March 12, Agricultural Bank of China announced that, as of the end of February 2026, the balance of private enterprise loans under regulatory standards was 7.92 trillion yuan, with 8.58 million borrowing clients; inclusive small micro enterprise loans totaled 4.13 trillion yuan, with 5.43 million clients.

Chief Economist of Guojin Securities Song Xuetao: A-Share Investment Logic Shifting from Risk Aversion to New Cycle Search

On March 12, at Guojin Securities’ 2026 Spring Strategy Conference, Chief Economist Song Xuetao pointed out that the U.S. economy is experiencing a “K-shaped divergence”: overheated AI investment boosts GDP but squeezes traditional employment, creating a “jobless prosperity,” with emerging bubble risks from tech giants’ debt expansion. To cope with midterm elections, the U.S. may adopt fiscal and monetary easing and shift contradictions outward. In contrast, China’s “14th Five-Year Plan” emphasizes “people-oriented, shifting from虚虚实实” (virtual to real), supporting domestic demand and livelihoods through central leverage, with the real estate market nearing a clearing threshold, potentially bottoming out in an L-shape in 2026. The A-share investment logic will shift from risk aversion to seeking new cycles, with globally competitive companies becoming core assets.

Market Data

Shanghai Composite Index down 0.1%, coal and chemical sectors outperform

On March 12, the A-share indices declined in the morning, rebounded in the afternoon, narrowing losses. By close, the Shanghai Composite fell 0.1%, the Shenzhen Component declined 0.63%, and the ChiNext dropped 0.96%. Coal stocks performed countertrend, with Shaanxi Black Cat, Yankuang Energy, and Zhengzhou Coal & Electricity hitting the daily limit; power sector stocks such as Datang Power, Jinkai New Energy, Xin Tian Green Energy, and GCL New Energy also hit the limit. Additionally, wind power equipment, steel, oil and gas extraction, diversified finance, shipping and ports, glyphosate, coal chemical, and carbon fiber concepts led gains; energy metals, engineering machinery, precious metals, minor metals, consumer electronics, shipbuilding, and cultivated diamond concepts declined. About 1,500 stocks rose, with total trading volume of 2.46 trillion yuan.

Hua Gong Technology Achieves First Place in A-Share Trading Volume

According to People’s Financial News, on March 12, Hua Gong Technology (000988) experienced significant stock price fluctuations, rising over 4% intraday, reaching a high of 141.41 yuan per share, a record high, but closing down 5.17%. The stock’s trading volume was notably high, with a total turnover of 27.738 billion yuan, marking the first time it topped the A-share daily trading volume chart. Data from Securities Times and Data Treasure show that since 2025, 12 stocks have first-time topped the A-share trading volume chart, including Satellite Chemical, Shenghong Technology, Yanshan Technology, Guangxian Media, Cambrian, etc. Hua Gong Technology’s 277.38 billion yuan trading volume is the largest. Industry-wise, these 12 stocks are mainly in electronics, media, and computing sectors, with 4, 2, and 2 stocks respectively, all within the TMT (Technology, Media, Telecom) sector, accounting for 66.67% of the total.

Hang Seng Index down 0.70%, Hang Seng Tech Index down 0.54%

On March 12, the Hang Seng Index closed down 0.70%, and the Hang Seng Tech Index fell 0.54%. Semiconductor stocks mostly rose, with Huahong Semiconductor and Lianqi Technology up over 3%, Tianyu Zhixin up over 2%, and SMIC down 1%. “Lobster” concept stocks opened high and declined, with MINIMAX down 5% and Zhipu down nearly 9%.

Market Financing Balances Increase by 5.422 Billion Yuan

As of March 11, the Shanghai Stock Exchange’s margin financing balance was 1.33598 trillion yuan, down 7.32 billion yuan from the previous trading day; the Shenzhen Stock Exchange’s margin financing balance was 1.298219 trillion yuan, up 61.54 billion yuan; total across both markets was 2.634199 trillion yuan, an increase of 54.22 billion yuan from the previous day.

Company News

China Power Construction: Signs EPC Contract for 13.962 Billion Yuan Abu Dhabi Solar and Storage Project

On March 12, China Power Construction (601669) announced that its Abu Dhabi branch, together with its subsidiary China Power Construction Group East China Survey and Design Institute, formed a joint venture with Abu Dhabi Future Energy Company to sign an EPC contract for the RTC2.1GW+7.75GWh solar and storage project in Abu Dhabi, UAE, valued at approximately 13.962 billion yuan. The project is located in the Mshayrif area of Abu Dhabi. The photovoltaic component has a total installed capacity of 2.1GWp on the DC side, and energy storage capacity is 7.75GWh. The scope includes civil engineering (including booster station buildings and structures), photovoltaic field, and energy storage field design, procurement, and construction. The total project duration is NTP (Notice to Proceed) + 21 months, with a 24-month warranty period.

老板电器 Launches World’s First AI Cooking Glasses at AWE2026

On March 12,老板电器 (002508) officially launched the world’s first AI cooking glasses at the 2026 China Home Appliances and Consumer Electronics Expo (AWE2026). The product features老板电器’s自主研发的烹饪领域AI大模型“食神” (Cooking God), which can recognize ingredients and steps needed for cooking through the lens, helping users reduce doubts during cooking. It can also connect with老板电器’s AI digital kitchen appliances, coordinating the operation of range hoods, stoves, steam ovens, and more, to complete the entire cooking process from preparation to serving.

CAS ScalableNative RDMA High-Speed Network Launches

On March 12, CAS (Chinese Academy of Sciences) announced a major breakthrough in domestic high-end native RDMA technology, launching the first full-stack self-developed 400G lossless high-speed network—scaleFabric. Based on native RDMA architecture, from the 112G SerDes IP and hardware devices to management software, all are independently developed, filling a gap in domestic data center high-speed networks. It offers performance comparable to top international products, creating a high-bandwidth, low-latency, truly lossless, highly reliable “computing power artery” for large-scale intelligent computing clusters. The scaleFabric400 series specifications are fully aligned with NVIDIA’s NDR, with some indicators surpassing.

*ST Changyao: Receives Decision to Terminate Listing

*ST Changyao (300391) announced on March 12 that it received the Shenzhen Stock Exchange’s decision to terminate trading of its shares. The stock will resume trading on March 20, 2026, and enter the delisting restructuring period, which lasts 15 trading days, with an expected final trading date of April 10, 2026. During the restructuring period, the stock will trade on the risk warning board. On the first day, there is no price limit; afterward, daily price fluctuations are limited to 20%.

Aishi Technology Completes $300 Million Series C Funding

According to First Financial, on March 12, it was reported that Aishi Technology recently completed a $300 million Series C funding round led by Dinghui Investment, with over 20 institutions participating, including Chinese entertainment industry players such as China Ruyi, Sanqi Mutual Entertainment, as well as local state-owned funds like Yizhuang State Investment and Suchuang Venture, and overseas investors like UOB Venture Management and Lion X Fund. This is the largest single funding in China’s video generation field to date.

Li Xiang Responds to Consideration of Repurchasing Hong Kong-listed Shares: Only Discussing Possibility

According to 21st Century Business Herald, multiple independent sources indicate that Li Xiang, CEO of Li Auto, is currently considering repurchasing some of Li Auto’s Hong Kong-listed shares, with the proportion and total amount still under discussion. When asked for confirmation, Li Auto’s official response was: “Only discussing the possibility.” If executed, this would be the company’s first buyback since its founding. Regarding performance, Li Auto announced that revenue in Q4 2025 was 28.8 billion yuan, down 35% from 44.3 billion yuan in Q4 2024, but up 5.2% from 27.4 billion yuan in Q3 2025. Net profit in Q4 2025 was 20.2 million yuan, compared to 3.5 billion yuan in Q4 2024.